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cliff if republicans don't agree to raising taxes on the rich. all this week, we've been focusing on what it is about this congress and this administration that makes it seem like compromise is a dirty word. certainly the extremes in the party seem to view it that way. we've been talking with past congressional leaders who have sat down at the negotiating table, facing sharp differences with the other political party in the past and still managing to come out with a deal. today, i spoke a short while ago with former senate majority leader trent lott, author of "herding cats: a life in politics." senator lott, you and senator mitchell wrote op-eds. diagnosing the dysfunction in washington and offering some solutions. you said one solution is to hold congress at hearings, marking up bills going on legislation. most americans would agree with that but be surprised to hear, i mean, that's their job. i think most of us, you know, would assume, isn't that their job description? >> well, they've slowly slipped away from that over the last four years, i
cliff if republicans don't agree to raising taxes on the rich. all this week, we've been focusing on what it is about this congress and this administration that makes it seem like compromise is a dirty word. certainly the extremes in the party seem to view it that way. we've been talking with past congressional leaders who have sat down at the negotiating table, facing sharp differences with the other political party in the past and still managing to come out with a deal. today, i spoke a short...
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Dec 1, 2012
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i think this brinksmanship about the budget and the fiscal cliff is all just fine. i don't want to go over the cliff. >> does the president want to go over? we got to listen to all the republicans and the conservative media today are saying president obama wants to go over the fiscal cliff because then taxes go up across the board. >> which is not what the president wants, but there's a big difference between this fiscal cliff and the full faith and credit of the united states. the american government has never defaulted on its debt. and now there are some, not the majority of republicans but some on the extreme of the republican party and they seem to be in control, who seem to want to default on our debt. that's crazy. if they cannot be entrusted with the full faith and credit of the united states, they should not have that leverage. >> paul, where were the overtures though? where were the overtures with this deal that was presented? i mean, listen, you don't have to be mensa to know delivering a deal like that was going to make mitch mcconnell laugh. where were t
i think this brinksmanship about the budget and the fiscal cliff is all just fine. i don't want to go over the cliff. >> does the president want to go over? we got to listen to all the republicans and the conservative media today are saying president obama wants to go over the fiscal cliff because then taxes go up across the board. >> which is not what the president wants, but there's a big difference between this fiscal cliff and the full faith and credit of the united states. the...
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Nov 29, 2012
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tomorrow we'll have both republican ares and democrats onto talk about the fiscal cliff. it is going to be an interesting show with some fireworks. ac 360 starts now. wolf blitzer is in for anderson cooper. >> thank you. not choosing sides or playing favorite ares there is plenty of that on the other cable news channels. we are interested in facts. they do exist. tonight, the facts about taxes that the majority of americans established on election day. the nation's leading conservative paper is onboard. they now agree with the president who wants to let taxes go up on income on more than $250,000 a year. doing a deal to raise those rates. where all bush cuts on all tax brackets expire at the end of the year. that is something that gives president obama a lot of clout right now. you can agree or disagree with the president obama policy that is for you to decide. congressman happens to disagree strongly but recognizes that the political reality that all tax cuts will expire on january 1st. >> in my view, we all agree that we are not going to raise taxes on people that make
tomorrow we'll have both republican ares and democrats onto talk about the fiscal cliff. it is going to be an interesting show with some fireworks. ac 360 starts now. wolf blitzer is in for anderson cooper. >> thank you. not choosing sides or playing favorite ares there is plenty of that on the other cable news channels. we are interested in facts. they do exist. tonight, the facts about taxes that the majority of americans established on election day. the nation's leading conservative...
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let's get to the fiscal cliff. the president set the deal, over the next decade. are there specific ways of reaching that figure that both of you might agree on? >> well, you know, i think one compromise i agree with the democrats on, we need to cut the military spending. so i think the compromise, the conservatives like myself that think the national defense is important, should compromise on the military spending, and liberals should compromise on the welfare. >> and both sides are going to have to compromise on this, beyond defense spending is there any other compromise that you could see you supporting? >> well, it mostly has to be to me on the spending side. we used to spend about 20% of gdp, we're now spending 25% of gdp. so federal spending has gone up in an alarming rate in the last four years. and when people come to me and say oh, we just have to raise taxes on rich people. one, there is not enough money. and two, you often find when you raise rates you get less revenue. and sometimes you find when you lower rates you get more revenue. >> what do you mak
let's get to the fiscal cliff. the president set the deal, over the next decade. are there specific ways of reaching that figure that both of you might agree on? >> well, you know, i think one compromise i agree with the democrats on, we need to cut the military spending. so i think the compromise, the conservatives like myself that think the national defense is important, should compromise on the military spending, and liberals should compromise on the welfare. >> and both sides...
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let's get to the so-called fiscal cliff. the president has set a goal. $4 trillion in debt reduction over the next decade. are there any specific ways of reaching that figure that both of you might agree on? >> well, you know, one compromise i can agree with democrats on, we need to cut military spending. so i think the compromise is conservatives like myself who think national defense is very important should compromise on military spending and liberals should compromise on entitlements and social welfare spending, that compromise should get to spending cuts. >> here is the question, though. both sides are going to have to compromise, beyond defense spending, any other compromise you could see you supporting? >> mostly has to be to me on the spending side. we used to spend about 20% of gdp. now spending 25% of gdp. federal spending has gone up at an alarming rate in the last four years. people come to me and said say we have to raise taxes on rich people. one there, is not enough money. two, when you raise rates, you get le
let's get to the so-called fiscal cliff. the president has set a goal. $4 trillion in debt reduction over the next decade. are there any specific ways of reaching that figure that both of you might agree on? >> well, you know, one compromise i can agree with democrats on, we need to cut military spending. so i think the compromise is conservatives like myself who think national defense is very important should compromise on military spending and liberals should compromise on entitlements...
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for the first time, we're getting a look at what the white house is offering to stop the fiscal cliff stalemate. drastic mandatory tax hikes and spending cuts will kick in with the new year unless the white house and the republicans can reach a deal. for weeks, gop lawmakers have said we're just waiting for the white house to give details, specifics, some numbers. well, tonight that's happened. the white house is calling their bluff and they've laid out how they want to cut the debt. jessica yellin is over at the white house for us tonight with new developments. jessica, what are the specifics of this offer tonight? >> reporter: hi, wolf. according to senior officials on both sides of the aisle, the president is asking for $1.6 trillion in new taxes. that includes raising taxes for families who make $250,000 or more. you'll recognize that as a pledge from his campaign. and it also includes limiting deductions and loopholes as well as other changes to capital gains and dividends taxes. well, that is the headline for republicans, wolf, who say it is far more money in tax rates than they
for the first time, we're getting a look at what the white house is offering to stop the fiscal cliff stalemate. drastic mandatory tax hikes and spending cuts will kick in with the new year unless the white house and the republicans can reach a deal. for weeks, gop lawmakers have said we're just waiting for the white house to give details, specifics, some numbers. well, tonight that's happened. the white house is calling their bluff and they've laid out how they want to cut the debt. jessica...